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After resisting for a decade, the parent company of American Airlines announced Tuesday that it would now follow a strategy that the rest of the industry chose long ago: filing for bankruptcy protection so it can shed debt, cut labor costs and find a...

American Airlines' parent company is now following a strategy that the rest of the industry chose long ago: filing for bankruptcy protection so it can shed debt, cut labor costs and find a way back to profitability.

Consolidation is no "silver bullet" for what ails the airline industry, but mergers are inevitable and the business would benefit from a smaller number of carriers, the chief executive of American Airlines said Thursday.